Bitcoin BTC a comprehensive analysis. IMPORTANT TURNING POINT!
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Dear friends,
Here is my view on Bitcoin ( daily chart ). I'm not going into the lower timeframes for now as there is too much noise and so you can't see the broader picture.
A picture says more than a thousand words. We see a bearish wedge here but it could also be an ascending triangle . It doesn't really matter because more important is the green trend line . BTC is at a point where it needs to choose an important direction. Up in the wedge or break through the green trendline.
The 3D RSI has broken and that is a good predictor of what may come. So definitely a bearish sign.
In the uptrend from 29000, BTC previously formed a head shoulder formation but it failed. Result was a huge counter move. Perfect to trade on as these are often much stronger than the H&S itself. Currently we see another head shoulder formation (red color) with a point where we are going to see a move.
scenario 1
BTC bounces off the green trend line and that is then going to follow the orange trajectory. A move to 70-74k. From there we look further again.
scenario 2
BTC breaks the green upward trend line downwards and will then probably drop to the 44889 (0.5 fib) and then to the 0.618 fib level. From there I definitely expect another rise to the 0.382 fib level as BTC will be oversold. If this were the case then we do have a much larger head shoulder pattern formed with targets up to 14k . We are a long way from that but it could fit into the picture of the 4 year cycle. However, the charts will show the way. Of course, we are not there yet!
Dear friends, unfortunately I am not fully recovered so I am taking it very easy for the time being. Thank you very much for your kind wishes, which I appreciate enormously!
Hope that this analysis can provide a little more clarity and this for the Bulls as well as for the bears because we are at a very important crossroads (see the chart).
I wish you a lot of success and especially a lot of profit!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Here is my view on Bitcoin ( daily chart ). I'm not going into the lower timeframes for now as there is too much noise and so you can't see the broader picture.
A picture says more than a thousand words. We see a bearish wedge here but it could also be an ascending triangle . It doesn't really matter because more important is the green trend line . BTC is at a point where it needs to choose an important direction. Up in the wedge or break through the green trendline.
The 3D RSI has broken and that is a good predictor of what may come. So definitely a bearish sign.
In the uptrend from 29000, BTC previously formed a head shoulder formation but it failed. Result was a huge counter move. Perfect to trade on as these are often much stronger than the H&S itself. Currently we see another head shoulder formation (red color) with a point where we are going to see a move.
scenario 1
BTC bounces off the green trend line and that is then going to follow the orange trajectory. A move to 70-74k. From there we look further again.
scenario 2
BTC breaks the green upward trend line downwards and will then probably drop to the 44889 (0.5 fib) and then to the 0.618 fib level. From there I definitely expect another rise to the 0.382 fib level as BTC will be oversold. If this were the case then we do have a much larger head shoulder pattern formed with targets up to 14k . We are a long way from that but it could fit into the picture of the 4 year cycle. However, the charts will show the way. Of course, we are not there yet!
Dear friends, unfortunately I am not fully recovered so I am taking it very easy for the time being. Thank you very much for your kind wishes, which I appreciate enormously!
Hope that this analysis can provide a little more clarity and this for the Bulls as well as for the bears because we are at a very important crossroads (see the chart).
I wish you a lot of success and especially a lot of profit!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Uwaga
UpdateDear friends,
BTC has almost touched the neckline. We now have a left shoulder and a head. I expect the pattern as described in scenario 2. BTC may possibly test the low one more time and then a recovery with then a decline again.
Fundamentally, there is a lot going on in the world. 230,000 soldiers are currently stationed between Russia and the Ukraine, the new Omikron variant, huge inflation due to unlimited printing of money by central banks and this for years on end. Then the stock markets that are only rising while many companies are in trouble because of the Covid crisis. Everything has to do with the money tap completely open and low interest rates. Now we are going to see the other side and all that lent money has to come back. The trigger is inflation which, as mentioned, is sky-high. Now only something bad has to happen and the markets are ripe for a very strong correction.
This is all perfect to trade but just for safety and preventing loss of capital, use tight stoploss orders and you can perfectly profit from the volatility both up and down because the markets always go in a zigzag up or down.
I am currently not as active as before but it will improve after my recovery.
Wish you good profits and good luck dear friends!
Uwaga
The last screenshot show the wrong trendline because of the scale settings. Will post the right one later todayAnulowano zlecenie
Uwaga
If the price goes higher than the red neckline of the head shoulder formation (red) it will become invalid.The major pattern, the head shoulder formation in blue will not become invalid until price rises above the old top which is the head.
In case the price rises above the old top with good volume and a back test of the green trend line, we have a very strong buy signal with targets of 100,000 usd +
This is what the chart is showing at this moment.
Good luck dear friends!
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